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Prepare the journal entries to record the information

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Question - On Jul 1, 2018 a company acquired a plant for $600,000. The company directors adopt the revaluation model for the asset after acquisition. On Jun 30 of 2019 and 2020, the fair values of the plant are $528,000 and $432,000 respectively. The depreciation rate is 15% per annum for both accounting and tax purposes, while the tax rate is 30%. Prepare the journal entries to record the above information on Jun 30 of 2019 and 2020.

Reference no: EM132855385

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